subscriptions for opening the canal to communicate from the Potomac river to the Eastern Branch thereof, through a part of the city of Washington, under the management of Thomas Tingey, Daniel Carroll of Duddington, Thomas Law, and Daniel Carroll Brent, which subscriptions shall be made personally, or by power of attorney; the said books shall be opened for receiving subscriptions, and continue open until the sum of eighty thousand dollars shall be filled up, in shares of one hundred dollars each; and that each person shall, at the time of subscribing, pay down ten dollars, being one tenth of each share; and after fourteen days previous notice, by advertisement, there shall be a meeting of the subscribers, and they are hereby declared to be incorporated into a company, by the name of the “Washington Canal Company,” and may sue and be sued, as much, and make all necessary by-laws and regulations for the proper management of the business thereof.Subscribers incorporated;
Empowered to choose a president and four directors.
Shares to entitle the holders to an equal number of votes.
A proxy may act. And such of the subscribers as shall be present at the said meeting, or a majority of them, are hereby impowered and required to elect a president and four directors for conducting the said undertaking, and managing the said company’s business for, and during such time not exceeding three years, as the said subscribers, or a majority of them, shall think fit. Each member shall be allowed one vote for every share, by him or her held at the time in the said company, and any proprietor by a writing under his or her hand, executed in presence of two witnesses, may depute any other member or proprietor to vote and act as proxy for him or her, at any general meeting.
Shares to, be personal property.Sec. 10. And be it further enacted, That the shares in said company shall be deemed personal, and not real property, and transferable in such manner as the company shall direct.
Powers of the president and directors when elected.Sec. 11. And be it further enacted, That the president and directors so elected, and their successors, or a majority of them, shall have full power and authority to agree with any person or persons, on behalf of the said company, to cut such canals, erect such locks, and perform such other works as they shall judge necessary for opening the canal aforesaid, and the forks thereof;—and out of the monies arising from the subscriptions, wharfage and tolls, to pay for the same, and to repair and improve the said canal, locks, and other works necessary thereto, and to defray all incidental charges, and also to appoint a treasurer, clerk, and such other officers, toll gatherers, managers and servants, as they shall judge requisite, and to settle their respective wages.
Treasurer to give bonds with security.Sec. 12. And be it further enacted, That the treasurer of the company shall give bond, with such penalty and such security as the said president and directors, or a majority of them, shall direct.
President and directors may call upon the proprietors for payments on their shares.
Defaulters forfeit their shares.Sec. 13. And be it further enacted, That the said president and directors, so elected, and their successors, or a majority of them assembled, shall have full power and authority to demand and receive of the proprietors, the remaining nine tenths of the shares, from time to time, as they may be required, by previous advertisement at least one month in the Washington, Georgetown, and Alexandria gazettes; and if any of the said proprietors shall refuse or neglect to pay their proportions within one month after the same so ordered and advertised, as aforesaid, the said shares of defaulters shall be forfeited.
When wharfage and tolls are made demandable.Sec. 14. And be it further enacted, That the said president and directors, so elected, and their successors, or a majority of them, shall not begin to collect wharfage or tolls, until the canal is made practicable for boats and scows to pass through the same from the Potomac to the Eastern Branch.
Oath of office to be taken by the president and directors.Sec. 15. And be it further enacted, That every president and director, before he acts as such, shall take an oath or affirmation for the faithful discharge of his office.
Sec. 16. And be it further enacted, That there shall be a general